Dewdrop Enterprizes owns rental properties throughout Jackson and White counties including the three sites pictured above.
A property manager who owns several projects in White and Jackson counties has filed for Chapter 11 bankruptcy reorganization.
The amount Dewdrop Enterprizes Inc. — yes, that’s with a “z” — is owed?
$4,623,370.
The Bald Knob company reported assets of $4.4 million, according to its filing.
CEO Mark Pearrow and Secretary/Treasurer Glenda Pearrow, who are listed as equal co-owners, couldn’t be reached for comment.
The company reported rental income of $13,688 for 2012, which is after taxes and other expenses. A year later, it lost $79,149. The filing said the numbers for 2014 weren’t known yet.
Southern Bank of Poplar Bluff, Missouri, has claims of $2.4 million, and nearly that entire amount is secured by Dewdrop property. Centennial Bank of Conway also has claims of nearly $2 million against Dewdrop. About $600,000 of that amount, however, is unsecured.
Founded in 1985, Dewdrop said it has apartments, houses and commercial property for rent.
Joel Hargis of Jonesboro, the attorney for Dewdrop, didn’t immediately return a call for comment Thursday afternoon.
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